Question # 1

Inflation will be useful for

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Labourers

Consumers

Penioners

Industrialist

When demand curve shifts leftward (or downward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

When total production is maximum, marginal product is:

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Positive

Negative

Zero

Infinite

In case of perfectly elastic supply or infinite elasticity of supply, supply curve is

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Horizontal (parallel to x-axis)

Vertical (parallel to y-axis)

Positive sloped

Negative sloped

The relationship between price and quantity supplied is:

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Inverse

Positive

Infinite

Zero

Flux method is also known as:

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Percentage method

Unitary method

Total expenditure method

All of them

Shape of market supply curve is

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Horizontal or parallel to ox curve

Vertical or parallel to oy curve

Positively sloping

Negatively sloping

Firm's cost depends upon:

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Revenue

Supply

Price

Output

A firm is in equilibrium when its

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Marginal revenue is equal to marginal cost

Marginal revenue is more than marginal cost

Marginal revenue is less than marginal cost

Marginal revenue is equal to average cost

Branches of public finance are

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Two

Three

Four

Five

Equilibrium price is determined in.

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Perfect market

Imperfect market

Monopoly

None of these

Balance of payment of a country is favourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by

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Prof Keynes

Prof Mitchall

Prof Hanson

Prof Haberler

When supply increases due to other factors besides price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

Which one of the following is not included in the methods of measuring national income

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Method of total according to market prices

Method of total of incomes

Method of total of domestic necessities and desires

Method of total expenditures

Under monopoly, in the long run a firm

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Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

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